Fennec Pharmaceuticals Inc (NASDAQ:FENC) Sees Significant Drop in Short Interest

Fennec Pharmaceuticals Inc (NASDAQ:FENC) saw a significant drop in short interest during the month of March. As of March 15th, there was short interest totalling 1,440,000 shares, a drop of 25.4% from the February 28th total of 1,930,000 shares. Based on an average daily trading volume, of 80,700 shares, the days-to-cover ratio is presently 17.8 days. Approximately 6.3% of the shares of the company are sold short.

Insider Buying and Selling

In related news, Director Rosty Raykov sold 10,000 shares of Fennec Pharmaceuticals stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $6.66, for a total transaction of $66,600.00. Following the transaction, the director now directly owns 76,294 shares in the company, valued at approximately $508,118.04. The trade was a 11.59 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last quarter, insiders have sold 31,186 shares of company stock valued at $203,389. 10.98% of the stock is owned by insiders.

Institutional Trading of Fennec Pharmaceuticals

Institutional investors have recently made changes to their positions in the business. Intech Investment Management LLC bought a new position in Fennec Pharmaceuticals during the fourth quarter valued at approximately $69,000. Franklin Resources Inc. grew its position in Fennec Pharmaceuticals by 18.7% in the third quarter. Franklin Resources Inc. now owns 14,799 shares of the company’s stock worth $74,000 after acquiring an additional 2,330 shares in the last quarter. Wells Fargo & Company MN raised its position in Fennec Pharmaceuticals by 31.6% during the fourth quarter. Wells Fargo & Company MN now owns 13,152 shares of the company’s stock valued at $83,000 after purchasing an additional 3,155 shares during the period. Pinnacle Wealth Planning Services Inc. bought a new stake in shares of Fennec Pharmaceuticals in the 4th quarter valued at approximately $97,000. Finally, MetLife Investment Management LLC purchased a new position in shares of Fennec Pharmaceuticals in the 4th quarter worth approximately $99,000. Hedge funds and other institutional investors own 55.51% of the company’s stock.

Fennec Pharmaceuticals Stock Performance

Shares of FENC stock opened at $6.50 on Friday. The stock has a fifty day simple moving average of $6.53 and a two-hundred day simple moving average of $5.71. The firm has a market capitalization of $179.32 million, a PE ratio of -64.99 and a beta of 0.36. Fennec Pharmaceuticals has a 52-week low of $3.96 and a 52-week high of $11.29.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on FENC shares. HC Wainwright reaffirmed a “buy” rating and set a $13.00 price objective on shares of Fennec Pharmaceuticals in a research report on Tuesday, March 11th. Wedbush restated an “outperform” rating and set a $13.00 target price on shares of Fennec Pharmaceuticals in a research note on Monday, March 10th.

Fennec Pharmaceuticals Company Profile

Fennec Pharmaceuticals Inc, a biopharmaceutical company, develops product candidates for use in the treatment of cancer in the United States. Its lead product candidate is the Sodium Thiosulfate, which has completed the Phase III clinical trial for the prevention of cisplatin induced hearing loss or ototoxicity in children.